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For the lovers of exotic currencies: Triple top at USD/BRL

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Rarely, large-scale configurations of this type occur, but can be very lucrative when they occur. It is with the Brazilian Real that we have the Triple top market model, which is treated today with a gap that is not covered during the day. The downward movement even accelerated as the daylight candle opened, entering the SP1 area at 38.2 Fibo.

The formation of the configuration and its breakthrough have also long been hinted at by the CCI indicator, which has been signaling divergence at the top since August. The target of the figure is the potential zone SP2 at 200 period moving average and 61.8 Fib. Of course, in terms of technique and given the scale of the figure, we would expect a non-line test to confirm the triple peak.

Alternatively in the test, the price could potentially go back into the range and test the RS2 levels again at a price of 4.1047. In this embodiment, the figure will collapse and the likelihood of continuing downward movement will decrease.


 Trader Martin Nikolov

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